عام 2026 يتطلب التغلب على ثلاث عقبات رئيسية لاستمرار ارتفاع العملات المشفرة، التشريع الأمريكي هو المفتاح

【Block Rhythm】Bitwise Chief Investment Officer Matt Hougan recently discussed a topic — for cryptocurrency to continue thriving through 2026, it needs to overcome three hurdles.

The first hurdle has basically been safely cleared. This refers to large-scale liquidation risks. Remember those previous crashes? The market feared history repeating itself. But recently, market performance has been stable, and there were no major liquidation events by the end of 2025, so this concern has largely dissipated.

The truly critical hurdle is the second one — legislation on the U.S. side. Particularly whether the Cryptocurrency Market Structure Act can pass will determine many things. This bill is currently advancing through Congress, with the Senate expected to review it on January 15. However, the problem is that issues like how to regulate DeFi, stablecoin matters, and various political interest conflicts haven’t been sorted out yet. Once this bill is truly approved, it means the U.S. will enshrine crypto-friendly regulatory principles into law, making them less easily changed by future political winds. This serves as a long-term reassurance for the market.

The third hurdle is the correlation with the stock market. Hougan says that cryptocurrency rising doesn’t necessarily require the stock market to also flourish, but if the stock market crashes, it could potentially drag down all risk assets in the short term, and cryptocurrency is no exception. Although the market currently doesn’t see a high probability of economic recession in 2026, and the odds of the U.S. stock market rising are quite high, this thing ultimately still carries uncertainty.